Senior execs out at Marvel

Published on August 21, 1997.

Marvel Entertainment Group laid off nearly every member of an upper management team hired to chart a new marketing course less than a year ago. Among those dismissed in the cost cutting effort: David Schreff, president-chief operating officer; Ken Lewis, exec VP-strategic alliances; and Sandra Padnos, exec VP-communications. The move comes amid rumors that investor Carl Icahn, who earlier this year wrested control of Marvel from Ronald Perelman, is now looking to sell the company. Its character properties include "Spider-Man" and "The X-Men." Under Mr. Schreff, Marvel was to have taken a more integrated and brand-focused approach to marketing its characters but was never able to fully implement the strategy due to control and capitalization struggles.